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Big Oil is racing to pump all the oil out of Texas
CNN: The oil industry is shelling out billions of dollars in a series of acquisitions in the Permian Basin, the hottest oilfield in the world.
The latest deal came on Tuesday when Diamondback Energy (FANG) agreed to purchase shale producer Energen (EGN) for $9.2 billion, forming one of the largest players in the Permian.
Late last month, BP (BP) inked a $10.5 billion deal to buy oil assets in Texas. It was BP's biggest acquisition in two decades and first major investment in the United States since the Deepwater Horizon disaster in 2010.
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